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Greek Government Is Right:
The `Debt' Is a Swindle
by Paul Gallagher
Feb. 21—The core of the fight over Greece and ``its debt,'' is that the new Greek government, with huge public backing, has been asking the European Union to shut down a tremendous Wall Street-London bank swindle and make economic growth possible again in Europe. If that doesn't happen, the worsening bankruptcy of the whole trans-Atlantic banking system will continue to generate desperate confrontations with major powers Russia and China, with the threat of world war. The rest of Europe, so far, has refused to shut down that Wall Street swindle, and on Feb. 18, Obama's Treasury Secretary Jack Lew backed up that refusal, including by a threatening phone call to the Greek finance minister. The refusal to write down unpayable debt, by Europe's bankrupt giant banks and governments, is the fundamental reason the economies of the whole European Union have been dead in the water for seven years. Since the 2008 financial crash, these banks have sat with EU2 trillion of toxic real estate debt on their books, tangled in tens of trillions in derivatives contracts—unable and unwilling to lend into the European economies, through year after year of economic recession and depression. Anything suggesting bank reorganization to deal with these dead debt securities under Glass-Steagall principles, has been refused, and Europe's bankrupt megabanks lie, like undead monsters, blocking the road to productive credit, investment, and recovery.
Now, the battle over whether Greece can adopt an economic recovery strategy has exposed the fact that large amounts of government debt, ... is also unpayable ... |
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- Greek Government Is Right:
The 'Debt' Is a Swindle
The debt piled on Greece is significantly illegitimate in regard to its causes and relationship to the real economy of the country. It cannot be paid in the next half-century, and it cannot be paid by continued cuts in employment, pensions, wages, health-care services, and selling off national income and infrastructure.In fact, 'Greek debt' exists only on the basis of the Wall Street practice for unpayable debt, known as 'extend and pretend.' Its interest and repayment terms have been so dramatically changed by the creditors that in debt-market terms, it is nearly worthless.
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